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21.8.07

It's Time To Dream Again ...

Value of flats in Punggol will go up as area is developed

Nazry Bahrawinazry@mediacorp.com.sgAug 21 2007 (TODAY)

FOR several years, their "Punggol Dream" of waterfront living was put onhold, even as they had to contend with the lack of shopping facilities,less-than-perfect public transport and no sports stadium.

But the upgraded Punggol 21+ vision unveiled by Prime Minister Lee HsienLoong on Sunday has given residents not only bigger things to look forwardto, but also likely gains to the value of their homes.

ERA Singapore's assistant vice-president Eugene Lim predicts the resalevalue of flats could see a "moderate" increase of 5 to 8 per cent over thenext three years. He said: "There is a lot of demand for flats there, butwe will not likely see massive price increases since the area's landsupply is abundant."

PropNex chief executive officer Mohd Ismail agrees that Punggol flats willgain in value eventually. Describing the new Punggol 21+ plan as analternative to staying in a condominium, he told Today: "The pricing ofexisting Punggol flats will be determined by the new pricing of thePunggol 21+ flats."

About 18,000 HDB and private flats are expected to be built, some withviews of the water body that will be created by damming two rivers, SungeiPunggol and Sungei Serangoon.

According to Pasir Ris-Punggol GRC MP Charles Chong, some developmentswill be underway in the next five years.

Work on the waterfront promenade, that wraps around the coastline, couldbegin early next year, said MP Penny Low, who added that a golf drivingrange should be ready by November.

In 1996, plans to build about 80,000 units were unveiled, but the Asianfinancial crisis a year later slowed demand which in turn affected theoriginal Punggol 21 vision to turn the former pig farming area into amodel town for the next century.

Last year, a new five-room flat at Punggol fetched between $182,000 and$268,000 - compared to an average of $264,500 when the first batch ofPunggol flats was sold in 1998.

Demand is modest compared to other areas. A five-room Punggol flat in thesecond quarter of this year fetched an average of $5,000 above valuation,$20,000 less than a flat of the same size in Ang Mo Kio.

But now, residents can look ahead with hope. Ms Low said her team isworking with the HDB to gather suggestions from residents, starting thismonth.

And some are brimming with ideas. Said teacher Radziah Abdul Rahman, 37, amother of two: "There is no fast-food restaurant here. My kids would loveto have a McDonald's at least."

Pastor James Satchy, 37, hopes Punggol's idyllic spirit will be retained:"I do not want it to be another Ang Mo Kio or Toa Payoh, which are toocrowded and noisy for me."

But some have become sceptical after years of waiting. Said human resourceexecutive Mohd Suhaimi Ismail: "I hope the new Punggol 21+ will not bedelayed like previously."

And government officer Ms Elizabeth Lam, 33, is still bent on selling herfive-room flat - because she cannot wait too long for facilities such as ashopping mall and a seaside village to materialise.

But Punggol-Oasis Residents' Committee chairman Ivan Chee is keeping hishead up: "The promise coming from Mr Lee at a National Day Rally is a bigassurance."

Meanwhile, shopkeepers like stationery shop owner Quek Hang Chew, 47, areworried that development will attract competition that will eat into hisbusiness.

But Mr Chong noted: "Development will also bring in more residents. Ibelieve the impact on businesses will be positive."

Time to keep the promise

There is no better time to deliver on "old promises", says MP CharlesChong.

Asked why the Government had decided to announce the revival of thePunggol 21 vision now, MP Penny Low said: "This is an ambitious plan Before any announcement, we have to ensure there is a certain degree ofconfidence in delivering this vision, be it technical expertise, financialresources or consultation with stakeholders."

Mr Chong also cited economic factors such as the higher demand for flatsin Punggol and the need to ease pressure on the broader property market.

Asked if the move was in anticipation of the next General Election (GE)due by 2011, he said: "It is not dependent on the GE. It will carry onregardless."